NovaMed (NOVA)

Company

"NovaMed is committed to partnering with physicians to deliver the highest quality outpatient surgery services. We focus on acquiring, developing and managing ambulatory surgery centers throughout the continental US." (company website)

Buy

14-Jan-05. NOVA first came to my attention in mid-December when it made a bullish breakout with higher than average volume. At that time I passed because it had jumped so far and had become over-bought (StochRSI). Since then, it made a new high at $6.91 and then pulled back to the 1-month average (dashed blue line). In the past week, volumes have picked up again, buying pressure (green +DI line) has crossed back up over selling pressure (red -DI line), the uptrend is gaining strength (black ADX line), relative strength (RSI) has increased, and price momentum is also on the rise (PPO). Finally, with today's session, prices are back above the previous peak. All of this should make NOVA a good prospect for further price rises.

16-Feb-05. Arghh! I meant to sell and bought by mistake!

Sell

10-Mar-05. I have been hoping that NOVA would recover enough to turn my lemons into lemonade. Unfortunately the mini-rally following the plunge (NOVA posted earnings "in-line" with estimates) looks to be coming to an end. Buying pressure (+DI) is slipping; relative strength (RSI) is slipping; and volumes are dropping to almost nothing. I'm bailing before something more disastrous can happen!